股权分置改革的价问题研究.pdfVIP

摘 要 股权分置改革的目标是要消除流通权溢价,实现同股同价，从根本上解决我国 股市存在的资源配置效率低下和主体缺失的制度性缺陷问题。而决定其成败的核心 问题是对价补偿问题。 本文研究了对价补偿的原因和合理性,认为历史上流通股的高溢价发行及股改 后全流通的未来风险是非流通股股东向流通股股东支付对价的主要原因；并认为合 理对价水平应该是由套利理论推导出的均衡对价。通过运用均衡对价公式对股权分 置改革试点的46家公司及全面股改第23-27批公布方案的71家公司进行实证分析， 发现如下问题：所有样本平均折算对价不足平均均衡对价的三分之二；部分公司存 在严重过度支付的情况而且此类公司占股改公司比重有越来越大的趋势；设计对价 方案时对股本结构的考虑不足，以致于非流通股占总股本比例高的公司折算对价远 低于均衡对价；大部分公司根据市场接受的对价系数0.3 来设计方案，没有将均衡 对价作为确定对价水平的第一原则。 根据研究发现的问题，笔者建议管理层应该尽快建立股权分置改革的对价确定 原则；加强对价方案设计的监管；增强股改相关政策信息披露的透明度,降低市场 非理性因素对股改的影响。 关键词：股权分置 均衡对价 股本结构 I Abstract The shareholder structure reform aims to remove the premium on circulated stock shares and make all the stock shares in circulation with the same price, and resolves the systematic problem in the term of low allocating efficiency and agent default in China stock market. It is the consideration payment problem that can make or mar the reform. This paper researched the reason and rationality of consideration payment. It was believed that the issue of circulated stock shares at high premium and the future risk after the reform is the main reason that uncirculated stock shareholders pay the premium to the circulated stock shareholders, and the reasonable level of consideration should be the equilibrium consideration induced from the arbitrage theory. This article used the equation of equilibrium consideration to do an empirical research on the 46 listed companies for trial and listed companies that gave out scheme in the 23-27 board of the total shareholder structure reform, and found problems as follows: The average discount consideration payment of all samples is less than the second of three of average equilibrium consideration payme